The conversion of a landmarked Nomad office building into luxury condos is moving forward after receiving a $99 million construction loan. As reported by The Real Deal, Sunlight Development and NuVerse secured the loan for their office-to-residential conversion of the historic Emmet Building at 95 Madison Avenue into 65 luxury homes. BHI, the U.S. arm of Bank Hapoalim, provided a $40 million senior loan, while two other financial firms provided the rest of the capital.
The building will also feature 17,000 square feet of retail space and 3,400 square feet of office space. Demolition is already underway.
The city’s Landmark Preservation Commission approved adaptive reuse designs for the building in July, which included modifying entrances, constructing rooftop additions, raising the height of courtyard facades, replacing windows, installing skylights, and more.
Designed in 1912 by architectural firm Barney & Colt, the 16-story Neo-Renaissance was built to serve commercial tenants in the newly-developed wholesale district north of Madison Square, according to the LPC.
Dr. Thomas Addis Emmet, a prominent gynecologist, lived in a townhouse at 89 Madison Avenue for nearly half a century and purchased 91, 93, and 95 Madison Avenue for his medical practice. In the early 1900s, Dr. Emmet replaced the four properties with the current building.
Mostly a commercial structure leased to tenants for wholesale showrooms, it also featured Dr. Emmet’s luxurious penthouse, filled with his extensive library and collection of art and antiques.
The building consists of a three-story base clad in limestone with all upper floors, projecting structures, and other decorative details faced in terra cotta. Uninterrupted pilasters that run from the fifth to 12th levels give the structure an “emphasis on verticality” that was popular in Neo-Gothic skyscraper style at the time.
The Emmet was designated as an individual landmark in 2018 alongside the James NoMad Hotel at 22 East 29th Street.
After inheriting the property in 1970, half-sisters Rita Sklar and Lois Weinstein fought a long legal battle, according to the Commercial Observer. Following Weinstein’s death in 2019, Sklar gained control of the building and filed for bankruptcy protection two years later.
Sunlight purchased the building in June for $65 million from the Sklar family, while NuVerse provided a $50 million acquisition loan, as reported by PincusCo.
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